In mid-January 2007, Argentex announced the successful completion of its latest drill program at Pinguino. The program included a total of 30 HQ diamond drill holes totaling 3,000 meters (9,842 feet). The 30 holes tested near-surface mineralization in the Marta Centro and Yvonne areas. Of the 30 holes, 23 were drilled into Marta Centro for a total of 2,475 meters (8,120 feet) and seven were drilled into Yvonne for a total of 525 meters (1,722 feet). Average hole depth was 100 meters (328 feet) with an average -55 degree dip.

With this drilling, Argentex tested approximately 500 meters (1,640 feet) of the 700-meter (2,297 foot) Marta Centro segment.

Results from the first 11 holes were characterized by wide intervals of strong zinc, lead, indium, silver, copper and gold values and show the definition and expansion of near-surface mineralization from the 2006 discovery holes.

Drill Hole
(ID)

From
(m)
To
(m)
*Width
(m)
*Width
(ft)
Indium
(g/t)
Gold
(g/t)
Silver
(g/t)
Copper
(%)
Lead
(%)
Zinc
(%)
Area: Marta Centro (depth of oxidation approximately 40 meters)
Testing 0 - 50 m depth below surface (within oxidized zone)
                     
P71 21.70 43.70 22.00 72.18 3 0.29 43 <0.01 0.21 0.08
including
21.70 25.50 3.80 12.47 7 0.88 157 <0.01 0.70 0.02
                     
P72
13.20 37.03 23.83 78.18 1 0.42 19 <0.01 0.46 0.02
  13.20 25.90 12.70 41.67 2 0.60 18 <0.01 0.54 0.03
  17.20 21.20 4.00 13.12 <1 1.25 10 <0.01 0.03 0.02
                     
P73
33.85 57.00 23.15 75.95 9 0.71 93 <0.01 0.46 0.26
including
34.90 37.50 2.60 8.53 27 5.52 704   0.01 1.28 0.06
                     
Area: Marta Centro
Testing 0 - 50 m depth below surface (primary sulphides intersected)
                     
P74
40.76 85.40 44.64 146.45 33 0.18 31 0.04 0.70 1.25
  40.76 59.40 18.64 61.15 78 0.39 69 0.10 1.48 2.67
  44.65 50.50 5.85 19.19 207 1.05 201 0.32 4.34 8.18
                     
P75
43.25 94.85 51.60 169.29 33 0.14 23 0.03 0.83 2.37
including
43.25 64.00 20.75 68.08 46 0.22 38 0.06 1.59 3.72
including
46.90 56.14 9.24 30.31 59 0.29 45 0.02 1.83 5.64
                     
P76
35.70 54.05 18.35 60.20 66 0.33 59 0.02 0.86 3.76
  48.00 51.30 3.30 10.83 158 0.81 113 0.05 2.52 9.98
                     
P77
33.75 78.70 44.95 147.47 15 0.10 14 <0.01 0.24 1.26
including
33.75 50.25 16.50 54.13 30 0.23 29 <0.01 0.39 2.34
                     
P78
29.50 49.00 19.50 63.98 30 0.17 25   0.01 0.48 2.70
                     
P91
52.85 69.46 16.61 54.40 10 0.06 5 <0.01 0.09 1.03
                     
P92
44.53 55.03 10.50 34.45 2 0.01 3 <0.01 0.11 0.62
                     
P93
44.20 65.80 21.60 70.87 3 0.07 16 <0.01 0.43 1.37
  53.67 60.80 7.13 23.39 9 0.17 43   0.02 1.10 3.56
  59.40 60.80 1.40 4.59 43 0.61 191   0.07 4.67 14.48

  * Estimated true widths are approximately 90% of the drilled interval.

Abbreviations and conversion equivalents:
1 ppm = 1 g/t (gram per metric tonne)
1 troy ounce per short ton = 34.2857 grams per metric tonne = 34.2857 ppm
1 % = 10000 ppm
1 m (meter) = 3.2808 ft (feet)

The final 19 holes (12 at Marta Centro and seven at Yvonne) included some of the highest zinc-lead-indium values recorded at Pinguino to date.  In addition, findings continued to reveal high-grade intervals of zinc, lead, indium, silver, copper and gold values surrounded by large intervals of disseminated mineralization in near-surface drill intersections.

Drill Hole
(ID)
From
(m)
To
(m)
*Width
(m)
*Width
(ft)
Indium
(g/t)
Gold
(g/t)
Silver
(g/t)
Copper
(%)
Lead
(%)
Zinc
(%)
Area: Marta Centro
Testing 50 - 75 m depth below surface (primary sulphides intersected)
                     
P90 38.91 90.72 51.81 169.98 7 0.62 15 0.03 0.24 0.75
including 62.30 76.70 14.40 47.24 25 2.06 32 0.09 0.36 1.96
including 68.94 70.75 1.81 5.94 108 14.90 100 0.72 1.19 7.74
                     
P79 39.03 92.20 53.17 174.44 4 0.10 22 0.04 0.21 0.21
including 53.25 71.20 17.95 58.89 8 0.21 48 0.10 0.41 0.30
including 57.57 59.66 2.09 6.86 14 0.77 239 0.52 0.78 0.63
                      
P80 40.00 91.00 51.00 167.32 13 0.14 13 <0.01 0.20 0.90
including 64.20 72.80 8.60 28.21 64 0.56 53   0.02 0.81 4.36
including 67.60 70.00 2.40 7.87 127 1.17 85   0.04 1.39 11.29
                      
P81 46.07 108.00 61.93 203.18 31 0.14 25 <0.01 0.66 2.22
including 55.07 70.00 14.93 48.98 105 0.41 78   0.02 2.03 6.91
                      
P82 48.23 134.90 86.67 284.41 33 0.14 26   0.01 0.63 2.24
including 59.10 71.40 12.30 40.35 188 0.58 101   0.07 1.95 9.37
including 65.00 65.69 0.69 2.26 1081 1.88 159   0.22 2.66 34.57
and 99.20 117.92 18.72 61.42 15 0.12 29 <0.01 0.98 1.34
                      
P83 50.00 88.80 38.80 127.30 27 0.13 28   0.01 0.64 2.35
including 50.00 72.80 22.80 74.80 45 0.20 44   0.02 0.99 3.71
including 60.60 70.80 10.20 33.46 91 0.33 78   0.03 1.70 6.92
                      
P88 47.37 93.17 45.80 150.26 9 0.09 13 <0.01 0.20 1.07
including 53.37 67.15 13.78 45.21 26 0.24 36   0.02 0.52 2.92
                      
Area: Marta Centro
Testing 75 - 100 m depth below surface (primary sulphides intersected)
                     
P84 78.00 108.00 30.00 98.42 14 0.20 18 <0.01 0.29 1.56
including 84.70 108.00 23.00 75.46 17 0.23 21 <0.01 0.34 1.91
including 84.70 96.00 11.30 37.07 33 0.45 38   0.02 0.54 3.51
                      
P85 63.76 145.10 81.34 266.86 9 0.09 14 <0.01 0.36 1.07
including 76.87 91.10 14.23 46.69 45 0.29 52   0.02 1.41 4.14
including 86.60 88.98 2.38 7.81 185 0.70 201   0.06 6.76 16.14
                      
P86 60.10 167.00 106.90 350.72 20 0.11 15 <0.01 0.37 1.54
including 70.75 141.00 70.25 230.48 30 0.16 21 <0.01 0.51 2.23
including 82.40 97.10 14.70 48.23 117 0.42 73   0.03 1.72 7.22
                      
P87 68.00 182.80 114.80 376.47 9 0.08 18 <0.01 0.45 1.34
including 74.00 100.00 26.00 85.30 25 0.20 61   0.02 1.47 3.18
including 86.50 98.00 11.50 37.73 54 0.38 130   0.04 3.08 6.17
                      
P89 61.75 106.29 44.54 146.13 8 0.08 12 <0.01 0.27 1.20
including 74.75 87.67 12.92 42.39 17 0.17 24   0.02 0.48 2.52
                      
Area: Yvonne (depth of oxidation approximately 30 meters)
                     
P102 52.56 85.72 33.16 108.79 13 0.39 11 0.07 0.09 0.75
including 52.56 57.40 4.84 15.88 71 1.98 61 0.44 0.21 2.16
                      
P95 35.37 36.37 1.00 3.28 107 8.00 95 1.00 0.34 0.51
                      
P108 44.98 84.17 39.19 128.57 11 0.53 9 0.06 0.06 0.56
                      
P107 47.70 97.10 49.40 162.07 9 0.28 5 0.02 0.07 0.62
including 71.90 97.10 25.20 82.68 12 0.48 7 0.03 0.05 0.69
                      
P96 19.50 53.76 34.26 112.40 5 0.51 14 0.15 0.13 0.24
or 28.5 35.15 6.65 21.82 15 2.38 54 0.64 0.11 0.03
and 35.15 52.76 17.56 57.61 2 0.05 4 0.04 0.08 0.44
                      
P98 17.75 27.46 9.71 31.86 11 0.34 6 0.03 0.05 0.05
including 17.75 18.46 0.71 2.33 48 2.37 35 0.39 0.05 0.41
                      
P97 27.25 47.30 20.05 65.78 11 0.36 10 0.04 0.18 0.41
including 27.25 30.37 3.12 10.24 17 1.44 31 0.02 0.38 0.04
and 39.33 39.83 0.50 1.64 81 2.30 96 1.02 0.34 2.87
    * Estimated true widths are approximately 90% of the drilled interval.

Abbreviations and conversion equivalents:
1 ppm = 1 g/t (gram per metric tonne)
1 troy ounce per short ton = 34.2857 grams per metric tonne = 34.2857 ppm
1 % = 22 lbs per metric tonne; ie 1% Zinc = 22 lbs Zn metal per metric tonne
1 m (meter) = 3.2808 ft (feet)

An additional 18 HQ diamond drill holes covering 1,357 meters (4,452 feet) were completed before the onset of winter conditions.  Six new zones were drilled to test near-surface gossanous vein in bedrock within newly completed trenches.  New sulphide targets had been discovered in all 20 trenches, which formed part of an expanded exploration program that was initiated following successful drill testing this season.

Results from trenching confirmed that elevated levels of gold, silver and indium continue to the zone's oxidized near-surface expression.  Details of the analytical results for the major intersections of the 18 drill holes are highlighted in the following table:

Drill Hole
(ID)
From
(m)
To
(m)
Length
(m)
Indium
(g/t)
Gold
(g/t)
Silver
(g/t)
Copper
(%)
Lead
(%)
Zinc
(%)
Area: Yvonne Sur
                   
P094-07
20.60
33.70
13.10
18.9
0.32
78.6
<0.01
0.96
0.10
including
25.60
29.10
3.50
56.2
0.71
268.6
<0.01
2.22
0.04
                   
P094-07
54.00
78.90
24.90
0.8
0.03
6.0
<0.01
0.37
0.93
including
54.00
67.96
13.96
1.2
0.04
7.8
<0.01
0.48
1.32
                   
P099-07
41.40
56.45
15.05
19.6
0.23
6.7
  0.02
0.07
0.66
including
43.40
45.40
2.00
36.8
0.16
11.0
  0.04
0.20
1.39
     
 
       
 
 
P100-07
33.50
36.00
2.50
10.9
1.13
13.0
  0.16
0.03
0.06
 
42.00
46.00
4.00
34.4
0. 89
48.2
  0.14
0.07
0.32
                   
P100-07
69.20
82.30
13.10
39.0
0.37
10.9
  0.02
0.29
1.97
including
71.30
79.30
8.00
50.9
0.51
13.5
  0.02
0.35
2.46
                   
Area: Yvonne Norte  
                   
P103-07
36.10
38.15
2.05
13.6
0.10
12.8
  0.09
0.12
1.36
                   
P103-07
49.00
63.45
14.45
12.7
0.13
5.8
  0.01
0.13
1.08
including
51.48
52.60
1.12
118.1
0.39
29.8
  0.06
0.33
4.78
                   
P104-07
20.70
31.60
10.90
15.1
0.14
11.8
<0.01
0.07
0.02
                   
P105-07
50.35
61.30
10.95
10.2
1.06
16.9
  0.08
0.10
0.17
including
50.35
51.85
1.50
33.4
4.48
72.6
  0.40
0.36
0.42
and inc
55.90
56.46
0.56
34.4
5.49
68.4
  0.09
0.10
0.11
                   
Area: Yvonne
                   
P101-07
56.18
70.60
14.42
21.1
0.88
14.5
0.10
0.20
0.74
including
56.18
60.18
4.00
69.1
3.06
41.0
0.37
0.12
1.49
                   
P106-07
66.00
77.43
11.43
14.0
0.57
12.6
0.10
0.08
0.52
including
76.07
77.43
1.36
81.5
3.64
75.9
0.71
0.12
0.98
                   
P109-07
49.50
74.86
25.36
10.1
0.51
6.0
0.04
0.05
0.48
including
65.05
67.05
2.00
28.1
1.81
16.7
0.20
0.02
0.39
including
71.05
74.86
3.81
21.9
1.22
18.3
0.12
0.06
0.93
                   
Area: Savary
                   
P115-07
28.30
28.80
0.50
0.9
1.08
45.0
0.02
1.59
0.47
                   
P116-07
37.70
39.70
2.00
33.3
0.72
35.3
0.02
0.84
2.48
                   
Area: Kasia
                   
P110-07
32.80
34.15
1.35
0.9
0.08
52.4
  0.03
2.63
3.17
                   
P-110-07
40.05
63.95
23.90
2.7
0.04
13.8
<0.01
0.67
1.39
including
41.05
44.10
3.05
2.7
0.06
11.6
<0.01
0.58
2.40
including
57.42
60.40
2.98
12.1
0.11
23.6
  0.01
1.05
2.40
                   
P111-07
41.90
64.78
22.88
21.2
0.10
9.1
  0.01
0.51
1.72
including
50.55
62.75
12.20
32.8
0.16
14.4
  0.02
0.80
2.65
including
60.36
62.75
2.39
144.9
0.66
29.3
  0.06
0.81
6.25
                   
P112-07
37.10
47.70
10.60
11.0
0.02
11.7
<0.01
0.37
1.25
including
37.10
38.60
1.50
24.6
0.01
11.2
<0.01
0.74
2.06
including
43.50
46.70
3.20
16.4
0.03
19.9
  0.01
0.57
1.77
                   
Area: Kae
                   
P117-07
25.00
43.00
18.00
3.3
0.02
8.0
<0.01
0.28
1.02
including
33.00
43.00
10.00
5.6
0.02
10.8
<0.01
0.35
1.47
including
36.00
42.00
6.00
6.0
0.02
12.7
<0.01
0.43
1.81
                   
Area: Sonia
                   
P113-07
31.45
56.00
24.55
21.3
0.17
30.2
  0.04
0.58
1.56
including
31.45
33.30
1.85
121.2
0.73
273.6
  0.14
5.33
12.35
                   
P118-07
18.47
19.03
0.56
12.8
0.03
14.6
<0.01
0.95
0.07
including
31.10
34.40
3.30
1.2
0.87
45.3
<0.01
0.48
0.08
   

 



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